Match List-I(financial statements and accounts) with List-II(special matters associated with statements and accounts) and select the correct answer using the codes given the lists.
List-I List-II
I. Receipts and payments (a) Revenue account
II. Income and expenditure account (b) Cash
III. Dividend equalisation reserve (c) Liability
IV. Club subscription received in advance account (d) Balance Sheet
(e) General reserve

I-(b), II-(a), III-(d), IV-(c)

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I-(c), II-(b), III-(d), IV-(e)

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I-(b), II-(a), III-(e), IV-(c)

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I-(a), II-(b), III-(d), IV-(e)

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Solution

The correct option is A I-(b), II-(a), III-(d), IV-(c)
I. Cash is associated with receipts and payments account because receipts and payments account is just like cash account.
II. Revenue account is same as income and expenditure account, so revenue account is associated with Income and expenditure account.
III. Dividend Equalisation reserve is a reserve which is shown in the balance sheet.
IV. Club subscription received in advance is a liability for the enterprise as it is an income received in advance.

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List-I	List-II
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List-I	List-II
I. Income measurement	(a) Accrues to owner's equity
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From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending December 31, 2006.

Receipt and Payment Account for the year ending December 31, 2006
Receipts	Amount Rs	Payments	Amount Rs
Cash in hand as on 1.1.06	6,800	Salaries	24,000
Subscription	60,200	Traveling Expenses	6,000
Donation	3,000	Stationery	2,300
Sale of furniture (Book value Rs 6000)	4,000	Rent	16,000
Entrance fee	800	Repair	700
Life membership fee	7,000	Books purchased	6,000
Interest on investment (@ 5% for full year)	5,000	Building purchased	30,000
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	86,800		86,800

Additional Information:

		As on 1.01.2006	As on 31.12.2006
(i)	Subscription received in advance	1,000	3,200
(ii)	Outstanding subscription	2,000	3,700
(iii)	Stock of stationery	1,200	800
(iv)	Books	13,500	16,500
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Q. Match List-I with List-II and select the correct answer using the codes given the lists.

List-I	List-II
I. Uncertain liability	(a) Amortisation
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Q. A cultural club discloses that subscriptions received during a particular accounting period as per receipts and payments account amount to Rs. 57,360. Subscription outstanding (opening and closing) was Rs. 4,800 and Rs. 6,000 respectively. Subscription received in advance (opening balance and closing balance) amounted to Rs. 3,600 and Rs. 2,160 respectively. The amount to be posted to income and expenditure account would be.

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List-I	List-II
I. Receipts and payments	(a) Revenue account
II. Income and expenditure account	(b) Cash
III. Dividend equalisation reserve	(c) Liability
IV. Club subscription received in advance account	(d) Balance Sheet
	(e) General reserve